Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-23

California BanCorp (BCAL)

CEO David Rainer was paid $2,830,368 in fiscal year 2025 (SEC filing 0001795815-26-000012 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,830,368
David Rainer total, FY2025
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CEO pay percentile vs peers
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CEO-to-median pay ratio
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Say-on-pay support, latest vote

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BCAL's next annual pay disclosure, estimated April 20, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David Rainer$660,779$0$1,728,020$0$391,254$0$50,315$2,830,368
Chairman of the Board and Chief Executive Officer of the Company and Bank
Steven Shelton584,583000361,61401,427,9122,374,109
Former Director, Chief Executive Officer of the Company and Bank
Thomas Dolan450,7790652,5260216,948038,2471,358,500
Executive Vice President Chief Financial Officer of the Company, and Chief Strategy Officer of the Bank
Richard Hernandez422,0290276,2590204,896054,115957,299
President of the Company and the Bank

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
David Rainer$2,830,368—$1,371,667—
Steven Shelton2,374,1091,150,366—↑ +1,223,743
Thomas Dolan1,358,500—829,794—
Richard Hernandez957,299—790,583—

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$2,830,368 David Rainer total, FY2025

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Data as of September 23, 2026 · Source: 0001795815-26-000012 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
David RainerCEO$2,830,368
Richard HernandezPresident$957,299
Steven SheltonCEO$2,374,109
Thomas DolanCFO$1,358,500
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Andrew J. Armanino JrIndependent Director$127,437
Anne WilliamsDirector$134,003
David VolkIndependent Director$110,538
Dr. Lester MachadoIndependent Director$111,557
Frank D. Di TomasoDirector$110,003
Frank L. MullerIndependent Director$110,003
Kevin J. CullenIndependent Director$127,437
Richard MartinFormer director (through FY2025)$36,667
Rochelle G. KleinIndependent Director$134,003
Stephen A. CorteseLead Independent Director$127,437
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Thomas DolanEVP / Bancorp CFO/ CSO2026-04-15A5,114$0$0CommonForm 4 ↗
Thomas DolanEVP / Bancorp CFO/ CSO2026-04-15D5,11400CommonForm 4 ↗
Peter NutzEVP/ Chief Credit Officer2026-04-20D143192,683CommonForm 4 ↗
Michelle WirfelEVP, Chief Operating Officer2026-04-28D115192,176CommonForm 4 ↗
Richard HernandezPresident2026-05-05D1,2081922,771CommonForm 4 ↗
David I. RainerDirector2026-05-07D75,000191,425,000CommonForm 4 ↗
Richard HernandezPresident2026-05-08D17,00019325,040CommonForm 4 ↗
Kevin J. CullenDirector2026-05-21A1,04000CommonForm 4 ↗
Andrew J. Armanino JrDirector2026-05-21A1,04000CommonForm 4 ↗
Stephen A. CorteseDirector2026-05-21A1,04000CommonForm 4 ↗
Rochelle G. KleinDirector2026-06-01A3,19600CommonForm 4 ↗
Dr. Lester MachadoDirector2026-06-01A3,19600CommonForm 4 ↗
Frank L. MullerDirector2026-06-01A3,19600CommonForm 4 ↗
Anne WilliamsDirector2026-06-01A3,19600CommonForm 4 ↗
Frank D. Di TomasoDirector2026-06-01A3,19600CommonForm 4 ↗
Kevin J. CullenDirector2026-06-01A3,19600CommonForm 4 ↗
David VolkDirector2026-06-01A3,19600CommonForm 4 ↗
Stephen A. CorteseDirector2026-06-01A3,19600CommonForm 4 ↗
Andrew J. Armanino JrDirector2026-06-01A3,19600CommonForm 4 ↗
Jean CarandangBank Chief Financial Officer2026-06-08D1,1851922,977CommonForm 4 ↗
Michelle WirfelEVP, Chief Operating Officer2026-06-21D93201,836CommonForm 4 ↗
Dr. Lester MachadoDirector2026-07-31D7,50000Derivative, Class A CommonForm 4 ↗
Dr. Lester MachadoDirector2026-07-31A9,14200CommonForm 4 ↗
Dr. Lester MachadoDirector2026-07-31D9,14200CommonForm 4 ↗
Dr. Lester MachadoDirector2026-07-31D7,50021158,948Common, open-market saleForm 4 ↗
Dr. Lester MachadoDirector2026-07-31A7,5001397,200CommonForm 4 ↗
Michelle WirfelEVP, Chief Operating Officer2026-08-02D1,4072129,969CommonForm 4 ↗
Manisha MerchantEVP / Chief Legal Officer2026-08-02D9392120,001CommonForm 4 ↗
Martin LiskaEVP / Chief Risk Officer2026-08-02D7042114,995CommonForm 4 ↗
David I. RainerDirector2026-08-02D3,5182174,933CommonForm 4 ↗
Joann YeungEVP / Chief Accounting Officer2026-08-02D7042114,995CommonForm 4 ↗
Peter NutzEVP/ Chief Credit Officer2026-08-02D9392120,001CommonForm 4 ↗
Thomas DolanEVP / Bancorp CFO/ CSO2026-08-02D1,8772139,980CommonForm 4 ↗
Richard HernandezPresident2026-08-02D1,4072129,969CommonForm 4 ↗
Jean CarandangBank Chief Financial Officer2026-08-02D7042114,995CommonForm 4 ↗
Martin LiskaEVP / Chief Risk Officer2026-08-11D1,25700CommonForm 4 ↗
Martin LiskaEVP / Chief Risk Officer2026-08-11A1,25700CommonForm 4 ↗
Thomas DolanEVP / Bancorp CFO/ CSO2026-08-11A3,35200CommonForm 4 ↗
Thomas DolanEVP / Bancorp CFO/ CSO2026-08-11D3,35200CommonForm 4 ↗
Andrew J. Armanino JrDirector2026-08-20A1,02500CommonForm 4 ↗
Stephen A. CorteseDirector2026-08-20A1,02500CommonForm 4 ↗
Kevin J. CullenDirector2026-08-20A1,02500CommonForm 4 ↗
Frank L. MullerDirector2026-09-04A450229,959CommonForm 4 ↗
Michelle WirfelEVP, Chief Operating Officer2026-09-21D93222,000CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
David RainerRSU2025-03-03——3,416—$54,485
Steven SheltonRSU2024-07-31————500,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
David Rainer$54,485$0$00.0%
Steven Shelton500,000000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Thomas DolanRSU7,518—$140,361
Steven SheltonRSU24,510—457,602
Thomas DolanRSU1,868—34,876
Richard HernandezRSU15,686—292,858
Steven SheltonRSU1,622—30,283
Richard HernandezRSU6,729—125,630
Richard HernandezRSU1,752—32,710
David RainerRSU13,945—260,353
Thomas DolanRSU20,915—390,483
David RainerRSU39,216—732,163
Steven SheltonRSU9,086—169,636
David RainerRSU3,416—63,777
Steven SheltonRSU1,813—33,849
Steven SheltonRSU1,082—20,201
05

Incentive-plan design — the Compensation Discussion & Analysis

The goal of our executive compensation program is to attract and retain highly skilled and motivated executive officers that will significantly contribute to the Company's success. We generally allocate executive compensation among three major categories or components: (i) base salary; (ii) short-term incentives and (iii) long-term incentives.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantnot disclosed
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-27—————
20252025-05-21—————

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-27—a
20252025-05-21—b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Anne WilliamsNot independent · Partial-year service$79,000$55,003$0$0$0$134,003
Rochelle G. KleinIndependent · Audit · Audit and Risk (Chair) · Partial-year service79,00055,003000134,003
Stephen A. CorteseIndependent · Lead Independent Director · Compensation, Nominating and Governance · Compensation · Partial-year service72,43455,003000127,437
Kevin J. CullenIndependent · Audit · Compensation, Nominating and Governance (Chair) · Audit and Risk · Compensation (Chair) · Partial-year service72,43455,003000127,437
Andrew J. Armanino JrIndependent · Audit · Compensation, Nominating and Governance · Audit and Risk · Compensation · Strategic Planning72,43455,003000127,437
Dr. Lester MachadoIndependent · Audit · Compensation, Nominating and Governance · Audit and Risk · Compensation · Partial-year service55,00055,003001,554111,557
David VolkIndependent · Compensation, Nominating and Governance · Compensation · Partial-year service55,00055,00300535110,538
Frank D. Di TomasoNot independent · Partial-year service55,00055,003000110,003
Frank L. MullerIndependent · Partial-year service55,00055,003000110,003
Richard MartinIndependent · Compensation · Departed during FY36,6670——036,667
David I. RainerEmployee director · Board Chair · Partial-year service000—00
09

Board fee structure and ownership guideline

Annual cash retainer$110,000
Annual equity retainer$55,003
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$631,969
Equity awards (grant-date value)$495,027
All other compensation$2,089
Total cost of the board$1,129,085

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1California BanCorp2025David Rainer$660,779$1,728,020$0$391,254$2,830,368

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at California BanCorp in fiscal 2025?
As disclosed, David Rainer (Chairman of the Board and Chief Executive Officer of the Company and Bank) was the highest-paid executive at California BanCorp in fiscal 2025, with total compensation of $2,830,368.
How much does California BanCorp spend in total on board compensation for fiscal 2025?
As disclosed, California BanCorp reported total board compensation of $1,129,085 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, David RainerDEF 14A2026-04-140001795815-26-000012Section “Summary Compensation Table”. As printed: 2,830,368. Filing ↗machine: t74 · r6 · c20 · span 412204–412213
2Section 01, Steven SheltonDEF 14A2026-04-140001795815-26-000012Section “Summary Compensation Table”. As printed: 2,374,109. Filing ↗machine: t74 · r9 · c15 · span 418291–418300
3Section 01, Thomas DolanDEF 14A2026-04-140001795815-26-000012Section “Summary Compensation Table”. As printed: 1,358,500. Filing ↗machine: t74 · r12 · c15 · span 424333–424342
4Section 01, Richard HernandezDEF 14A2026-04-140001795815-26-000012Section “Summary Compensation Table”. As printed: 957,299. Filing ↗machine: t76 · r6 · c15 · span 438770–438777
5Section 03, David Rainer RSUDEF 14A——Section “Executive Compensation” · grants of plan-based awards table.
6Section 03, Steven Shelton RSUDEF 14A2026-04-140001795815-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 506283–506291
7Section 07, pay ratio10-K2026-03-130001795815-26-000005Section “CEO Pay Ratio”. As printed: —. Filing ↗
8Section 08, Anne WilliamsDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 134,003. Filing ↗machine: span 317481–317708
9Section 08, Rochelle G. KleinDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 134,003. Filing ↗machine: span 309338–309565
10Section 08, Stephen A. CorteseDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 127,437. Filing ↗machine: span 304630–304857
11Section 08, Kevin J. CullenDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 127,437. Filing ↗machine: span 306350–306577
12Section 08, Andrew J. Armanino JrDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 127,437. Filing ↗machine: span 302880–303134
13Section 08, Dr. Lester MachadoDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 111,557. Filing ↗machine: span 311018–311245
14Section 08, David VolkDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 110,538. Filing ↗machine: span 315979–316206
15Section 08, Frank D. Di TomasoDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 110,003. Filing ↗machine: span 307843–308070
16Section 08, Frank L. MullerDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 110,003. Filing ↗machine: span 314305–314532
17Section 08, Richard MartinDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 36,667. Filing ↗machine: span 311862–312088
18Section 08, David I. RainerDEF 14A2026-04-140001795815-26-000012Section “Director Compensation”. As printed: 0. Filing ↗
19Section 02, Thomas Dolan 2026-04-15Form 42026-04-160001590198-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Thomas Dolan 2026-04-15Form 42026-04-160001590198-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Peter Nutz 2026-04-20Form 42026-04-220001979113-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Michelle Wirfel 2026-04-28Form 42026-04-300001807459-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Richard Hernandez 2026-05-05Form 42026-05-060001967048-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, David I. Rainer 2026-05-07Form 42026-05-080001555186-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Richard Hernandez 2026-05-08Form 42026-05-120001967048-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Kevin J. Cullen 2026-05-21Form 42026-05-260001807552-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Andrew J. Armanino Jr 2026-05-21Form 42026-05-260001807550-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Stephen A. Cortese 2026-05-21Form 42026-05-260001807460-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Rochelle G. Klein 2026-06-01Form 42026-06-030001807933-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Dr. Lester Machado 2026-06-01Form 42026-06-030001968951-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Frank L. Muller 2026-06-01Form 42026-06-030001807551-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Anne Williams 2026-06-01Form 42026-06-030001555463-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Frank D. Di Tomaso 2026-06-01Form 42026-06-030001968980-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Kevin J. Cullen 2026-06-01Form 42026-06-030001807552-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, David Volk 2026-06-01Form 42026-06-030001733127-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Stephen A. Cortese 2026-06-01Form 42026-06-030001807460-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Andrew J. Armanino Jr 2026-06-01Form 42026-06-030001807550-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Jean Carandang 2026-06-08Form 42026-06-080001467266-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Michelle Wirfel 2026-06-21Form 42026-06-220001807459-26-000017Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Dr. Lester Machado 2026-07-31Form 42026-08-040001968951-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Dr. Lester Machado 2026-07-31Form 42026-08-040001968951-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Dr. Lester Machado 2026-07-31Form 42026-08-040001968951-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Dr. Lester Machado 2026-07-31Form 42026-08-040001968951-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Dr. Lester Machado 2026-07-31Form 42026-08-040001968951-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Michelle Wirfel 2026-08-02Form 42026-08-030001807459-26-000020Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Manisha Merchant 2026-08-02Form 42026-08-030001966946-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Martin Liska 2026-08-02Form 42026-08-040001967050-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, David I. Rainer 2026-08-02Form 42026-08-030001555186-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Joann Yeung 2026-08-02Form 42026-08-030001969106-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Peter Nutz 2026-08-02Form 42026-08-040001979113-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Thomas Dolan 2026-08-02Form 42026-08-040001590198-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Richard Hernandez 2026-08-02Form 42026-08-030001967048-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Jean Carandang 2026-08-02Form 42026-08-030001467266-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Martin Liska 2026-08-11Form 42026-08-120001967050-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Martin Liska 2026-08-11Form 42026-08-120001967050-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Thomas Dolan 2026-08-11Form 42026-08-120001590198-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Thomas Dolan 2026-08-11Form 42026-08-120001590198-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Andrew J. Armanino Jr 2026-08-20Form 42026-08-240001807550-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Stephen A. Cortese 2026-08-20Form 42026-08-240001807460-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Kevin J. Cullen 2026-08-20Form 42026-08-240001807552-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Frank L. Muller 2026-09-04Form 42026-09-090001807551-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Michelle Wirfel 2026-09-21Form 42026-09-230001807459-26-000022Insider equity transaction reported since the proxy statement. Filing ↗
63Section 06, 2026 voteForm 8-K2026-04-140001795815-26-000012Item 5.07 · say-on-pay result. As reported: —. Filing ↗
64Section 06, 2025 voteForm 8-K2025-04-080001795815-25-000003Item 5.07 · say-on-pay result. As reported: —. Filing ↗
65Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
66Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
67Section 09b board cost (computed)Computed——Cash 631,969 + equity 495,027 + all other 2,089 = 1,129,085, summed across the director compensation table rows.machine: formula: Σ = 1,129,085
68California BanCorp (subject), Section 10b CEO totalDEF 14A2026-04-140001795815-26-000012CEO total compensation as printed in California BanCorp's own proxy. As printed: 2,830,368. Filing ↗machine: t74 · r6 · c20 · span 412204–412213

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